KLCI dips 0.43% as global markets stay tentative

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KUALA LUMPUR (Jan 26): The FBM KLCI dipped 0.43% at the midday break on Monday as global markets remained tentative after the Greek election results

At 12.30pm, the FBM KLCI fell 7.80 points to 1,795.28.

The top losers included Rapid Synergy Bhd, BLD Plantation Bhd, Nestle (M) Bhd, Petronas Chemicals Group Bhd, Amway (M) Holdings Bhd, Globetronics Technology Bhd, Genting Bhd, Cycle and Carriage Bhd, Scientex Bhd and CIMB Group Holdings Bhd.

Daya Materials Bhd was the most actively traded counter with 51.97 million shares done. The stock fell 3.03% or half a sen to 16 sen.

The other actives included KNM Group Bhd, Danang Nexchange Bhd, Systech Bhd, Hubline Bhd, Sumatec Resources Bhd, Privasia Technology Bhd, Nova MSC Bhd, JCY International Bhd and Prestariang Bhd.

The top gainers included Prestariang, Daibochi Plastic and Packaging Industry Bhd, Kossan Rubber Industries Bhd, VS Industry Bhd, Syarikat Takaful Malaysia Bhd, Tambun Indah Land Bhd, Pestech International Bhd and PW Consolidated Bhd.

At the global markets, the euro skidded to near an 11-year low and U.S. stock futures fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders,according to Reuters.

The euro fell to as low as $1.1135 on the vote outcome, not far off an 11-year low of $1.1115 touched on Friday when the common currency took a battering after the European Central Bank unveiled a bond-buying stimulus programme last week, it said.

U.S. stock futures fell 0.6 percent while the Nikkei futures also dropped about 0.5 percent from the local close on Friday on heightened concerns the Greek election results could lead to renewed instability in Europe, said Reuters.

Hong Leong IB Research said it was increasingly positive for the FBM KLCI to retest 1,810 (61.8% FR) and 1835 but difficult to break beyond the 200-day simple moving average.